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ECONOMY | 23-01-2020 17:57

INDEC: Economic activity fell 1.9% in November

Production of goods and services registered 1.7% decline on previous month, with a sharper drop year-on-year.

Economic activity in Argentina fell 1.9 percent in November 2019, in relation to the same month of 2018, due to a sharp decline in construction, industry and consumption, the INDEC national statistics bureau has revealed.

Figures from INDEC's Monthly Economic Activity Estimator (EMAE), which has now recorded 19 consecutive months of decline, show a drop of 1.7 percent for the penultimate month of 2019, compared to the month previous, October. 

The fishing industry showed the greatest year-on-year decline in November with a contraction of 24.5 percent, followed by the activity in banks and financial institutions, which shrank 8.5 percent year-on-year. Growth sectors included water, electricity and gas use, with a recovery of 4.5 percent thanks to the removal of subsidies, followed by mining and quarrying of 2.4 percent, year-on-year.

Sales in supermarkets also fell by 2.3 percent compared to the previous year, INDEC said, though they recovered by four percent in shopping centres or malls and 4.1 percent in wholesale self-service stores.

Sales in supermarkets have now contracted for 17 consecutive months, the bureau recorded.

- NA/TIMES

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